EXHIBIT 12
NORTHWEST NATURAL GAS COMPANY
Computation of Ratio of Earnings to Fixed Charges
January 1, 2004 – June 30, 2009
(Thousands, except ratio of earnings to fixed charges)
(Unaudited)
12 Months | Six Months(1) | ||||||||||||
Ended | Ended | ||||||||||||
Year Ended December 31, | June 30, | June 30, | |||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | 2009 | 2009 | |||||||
Fixed Charges, as defined: | |||||||||||||
Interest on Long-Term Debt | $33,605 | $34,294 | $34,651 | $34,330 | $33,776 | $34,533 | $17,799 | ||||||
Other Interest | 4,022 | 4,116 | 4,648 | 2,665 | 2,184 | 3,578 | 1,120 | ||||||
Amortization of Debt | |||||||||||||
Discount and Expense | 700 | 711 | 716 | 808 | 773 | 965 | 616 | ||||||
Interest Portion of Rentals | 1,551 | 1,523 | 1,465 | 1,357 | 1,489 | 1,646 | 867 | ||||||
Total Fixed Charges, as defined | $39,878 | $40,644 | $41,480 | $39,160 | $38,222 | $40,722 | $20,402 | ||||||
Earnings, as defined: | |||||||||||||
Net Income | $69,525 | $74,497 | $63,415 | $58,149 | $50,572 | $73,509 | $50,449 | ||||||
Taxes on Income | 40,678 | 44,060 | 36,234 | 32,720 | 26,531 | 43,493 | 30,279 | ||||||
Fixed Charges, as above | 39,878 | 40,644 | 41,480 | 39,160 | 38,222 | 40,722 | 20,402 | ||||||
Total Earnings, as defined | $150,081 | $159,201 | $141,129 | $130,029 | $115,325 | $157,724 | $101,130 | ||||||
Ratio of Earnings to Fixed Charges | 3.76 | 3.92 | 3.40 | 3.32 | 3.02 | 3.87 | 4.96 |
(1)A significant part of the business of NW Natural is of a seasonal nature; therefore, the ratios of earnings to fixed charges for the interim periods are not necessarily indicative of the results for a full year. |